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Not only did I LOSE money in crypto, it made me completely BROKE (DTP)
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Date: February 13th, 2018 3:18 PM Author: buff center gunner as you guys know, i sold everything at a 50% loss in late january right before the SEC hearings. i still firmly believe crypto is done here.
now i found out that ALL crypto-to-crypto trades are taxable events, and i was up 200% of my investment on dec. 31 2017.
that means, for this tax season, i need to pay income tax on 200% using just 50% of my investment.
"my investment" was basically all my savings, every dollar and penny i had. this basically wipes me out.
still trying to understand if there's some loophole i can use to get out of this, or i'm totally done. |
Date: February 13th, 2018 3:19 PM Author: irradiated lime community account public bath rate me (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35394316) |
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Date: February 13th, 2018 5:08 PM Author: buff center gunner (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395443) |
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Date: February 13th, 2018 5:10 PM Author: bronze internet-worthy coldplay fan do you think this flame is funny? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395458) |
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Date: February 13th, 2018 5:10 PM Author: irradiated lime community account public bath he does or he would've stopped it by now. it's quite sad (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395470) |
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Date: February 13th, 2018 5:17 PM Author: buff center gunner hey are you the faggot expert who was super bullish on leverj?
how'd that go for you? |
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Date: February 13th, 2018 5:33 PM Author: bronze internet-worthy coldplay fan ? I never bought leverj, dipshit (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395757) |
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Date: February 13th, 2018 8:44 PM Author: filthy aromatic dilemma fanboi Longmo is worth 7 figures, dipshit (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397216) |
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Date: February 13th, 2018 8:48 PM Author: buff center gunner he's the reason i lost 5 figures on leverj:
http://www.xoxohth.com/thread.php?thread_id=3746019&mc=3&forum_id=7
and now it was just some joke to him? he didn't buy any himself? well fuck that faggot |
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Date: February 15th, 2018 11:05 PM Author: Hyperactive Point you lost 5 figures dick riding some random posters four word shitcoin recommendation in a 3 post thread? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414112) |
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Date: February 15th, 2018 11:08 PM Author: orange business firm he's a depraved faggot who loves cock (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414136) |
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Date: February 15th, 2018 11:39 PM Author: Histrionic Infuriating Site Boistinker (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414444) |
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Date: February 13th, 2018 5:10 PM Author: 180 tank nowag how much of this is serious? i’m stunned that anyone would admit to losing money in maybe the biggest asset appreciation in human history
you have future hedge fund manager written all over you |
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Date: February 13th, 2018 5:15 PM Author: buff center gunner crypto-to-crypto trades are taxable events. so many people here are in denial about this, but it's true. LOTS of people were up big on dec 31 2017, then down big recently. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395523) |
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Date: February 13th, 2018 5:10 PM Author: Pungent fear-inspiring gay wizard (guy who actually made 1 million in crypto and now has a hair transplant) (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395465) |
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Date: February 13th, 2018 5:10 PM Author: misanthropic slimy jap nursing home picked a caliber yet? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395471) |
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Date: February 13th, 2018 5:12 PM Author: Milky sick laser beams (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395495) |
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Date: February 13th, 2018 5:18 PM Author: pontificating school cafeteria internal respiration (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395564) |
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Date: February 13th, 2018 5:18 PM Author: Snowy state haunted graveyard (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395575) |
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Date: February 13th, 2018 5:19 PM Author: buff center gunner even if you're all in, so long as you made trades in late december, you owe taxes on your gains up to that point. and the subsequent losses in early 2018 don't save you from that. that's what's killing me here. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395592) |
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Date: February 13th, 2018 7:09 PM Author: Wild azn school And the IRS knows this how?
Let alone the personnel to enforce at scale?
I’ll be here waiting for your response Thank |
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Date: February 13th, 2018 8:26 PM Author: buff center gunner they're going to audit crypto traders heavily this year (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397060) |
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Date: February 13th, 2018 9:03 PM Author: Snowy state haunted graveyard (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397371) |
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Date: February 13th, 2018 5:24 PM Author: Indigo heady heaven In the event that this isn’t flame, I hope you kill yourself. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35395655) |
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Date: February 13th, 2018 8:28 PM Author: galvanic cocky immigrant range i warned people about this. i don't remember the thread, but i know a guy who basically did the same thing using stock options and got fucked hard by the irs. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397071) |
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Date: February 13th, 2018 8:36 PM Author: buff center gunner so you're saying i'm done here? no chance to get out of it?
supposing i don't get into crypto again (i don't believe in it, and besides i have no more money), then the losses i suffered in 2018 aren't going to be used to offset anything? will i be able to get anything back from the government after getting royally screwed this way? |
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Date: February 13th, 2018 9:07 PM Author: galvanic cocky immigrant range I don’t actually know the details of his case or yours. He got fucked, though. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397409) |
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Date: February 13th, 2018 9:21 PM Author: Motley indian lodge Your losses in 2018 offset your income by 3k every future year and capital gains by $5k (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397506) |
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Date: February 13th, 2018 8:56 PM Author: Motley indian lodge I don't understand. You bought crypto, it appreciated, you sold it, made $1M, then bought more crypto?
I thought capital gains taxes only apply to realized gains, so if you didn't sell it you didn't actually make any money.
NOT A LAWYER |
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Date: February 13th, 2018 8:58 PM Author: Ivory charismatic useless brakes casino just don't pay the tax (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397335) |
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Date: February 13th, 2018 9:01 PM Author: Motley indian lodge Lol just realized this is elaborate flame
A gain is not realized until the security that has appreciated is sold. For example, say you buy some stock in a company and your investment grows steadily at 15% for one year. At the end of the year, you decide to sell your shares. Although your investment has increased since the day you bought the shares, you will not realize any gains until you have sold them. As a general rule, you don't pay any tax until you've realized a gain. After all, you need to receive the cash made from selling at least part of your investment in order to pay any tax.
Read more: Capital Gains Tax 101 | Investopedia https://www.investopedia.com/taxes/capital-gains-tax-101/#ixzz572mdirIS Follow us: Investopedia on Facebook |
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Date: February 13th, 2018 9:03 PM Author: buff center gunner it's NOT FLAME
yes i sold them, repeatedly, to buy other crypto. no i did not cash out. but crypto-to-crypto trade is considered "selling" and any gains you made at the time of transfer is considered a taxable event. |
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Date: February 13th, 2018 9:13 PM Author: Motley indian lodge Well then you need to file, get on an installment plan to pay your capital gains taxes, then carry your capital losses forward at $3k per year for the rest of your life.
Or don't |
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Date: February 13th, 2018 9:05 PM Author: naked kitchen windowlicker trading one crypto for another is considered a "sale," so just using shapeshift is a taxable event if you had an unrealized gain on the coins you exchanged
https://btcmanager.com/irs-cryptocurrency-property-swaps-taxable/ |
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Date: February 13th, 2018 9:07 PM Author: Snowy state haunted graveyard (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397414) |
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Date: February 15th, 2018 11:18 PM Author: galvanic cocky immigrant range Tired of winning yet? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414239) |
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Date: February 13th, 2018 9:14 PM Author: swashbuckling learning disabled hell lol, all you gold rush cryptards have no idea what you'll do about taxes as you assume you just became millionaires in a few months off <$50K investments.
the groupthink and willful ignorance here is amazing although I will say the crypto mania isn't exactly limited to XO. still, LOL, this place prides itself on being 'smarter' than the rest of the internet. |
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Date: February 13th, 2018 9:17 PM Author: vivacious khaki hospital so you sold in dec 31 and made $1mm in crypto and then bought $1mm in crypto and lost 50% so ur at $500k and now you need to pay 50% in taxes for some reason, so everything is gone.
k makes sense. |
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Date: February 13th, 2018 9:21 PM Author: honey-headed hyperventilating main people Isnt there a rule that if you lost money, you dont need to pay taxes or youre obligated to pay a reduced amount? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397508) |
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Date: February 13th, 2018 9:22 PM Author: Motley indian lodge He realized gains in crypto-crypto trades in 2017 and lost all his money in 2018. (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397514) |
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Date: February 15th, 2018 11:12 PM Author: Pungent fear-inspiring gay wizard i believe losses only offset gains within the same tax year, and you can carryforward net capital losses with certain limits (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414172) |
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Date: February 13th, 2018 9:22 PM Author: Motley indian lodge He was frequently selling crypto, realizing gains and buying other crypto (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35397509) |
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Date: February 15th, 2018 11:24 PM Author: dashing international law enforcement agency that sucks man I'm sorry to hear about that.
Fucking that crypto is some dangerous shit |
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Date: February 15th, 2018 11:31 PM Author: Autistic parlor degenerate yeah he's going to be sucking cock at the flying j before long (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414364) |
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Date: February 15th, 2018 11:38 PM Author: Umber spectacular institution But what will he do for money? (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414438) |
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Date: February 15th, 2018 11:40 PM Author: Autistic parlor degenerate any man can go down to the flying j, go to the showers, drop to his knees and start earning $$$ right now. no excuses (http://www.autoadmit.com/thread.php?thread_id=3892072&forum_id=2#35414455) |